Glennmont disclosed that it is looking to invest in solar photovoltaic (PV), offshore and onshore wind, bioenergy and small-scale hydro power plants in the European Economic Area (EEA).
The fund manager will go after to-be-built and recently operational projects having stable, predictable cash yields supported by regulated and contracted revenues.
Glennmont said that falling costs of renewable power produced among other factors have offset concerns over reduced profitability caused by decreasing government support schemes.
Glennmont CEO Joost Bergsma said: “Glennmont continues to believe that the clean energy market is attractive to investors and delighted to have expanded its investment capacity allowing us to continue to find and deliver value across a diversified portfolio of power generation assets.
“When we formed Glennmont in 2007 we were clear that our specialist focus on clean energy infrastructure investments would allow us to set the standard for the clean energy industry.”
Bergsma added that the company’s investment and asset management teams will jointly identify, secure and deliver value to some of the best renewable energy generation assets across Europe.
EIB infrastructure fund and climate action team head Christopher Knowles said: “EIB welcome the announcement by Glennmont Partners that it has returned to the clean energy investment market and is investing its third clean energy fund.
“This news is indicative of the momentum behind the global shift towards low carbon technologies that we are seeing currently. With investment in clean renewable energy at record levels we can look forward to a similarly successful year in 2018 as we continue to drive innovation, create high value jobs and tackle climate change.”
Glennmont’s announcement comes after the refinancing of its 245MW Italian wind portfolio in October 2017 and the refinancing of the Sleaford straw-fired biomass plant in September 2017. The fund manager had raised around €340m of capital for the two projects last year.
